We pay people for domain sales multiple ways so it really depends on how and where you sold the domain name and where the domain name was registered at the time of sale. There are other factors but those are the main ones. Most sales that process are paid within 6 days automatically. Some sales take longer. I'll give you an example of one type that does. If you sell a domain name without a Buy Now Price and the domain is registered outside of GoDaddy and the buyer is at GoDaddy then you need to do a transfer.
Funds take five days for us to clear them once they are paid. This is how long we are comfortable with because of potential fraud and chargeback issues. Once we determine the funds are good we will allow the transfer of the domain to the buyer. You need to work that out with them to move the domain. Transfers can take 7 days depending on the registrar, some do not allow you to speed it up by accepting it. We sell a lot of domains to non US buyers or from non US sellers. There are time zone differences and we like to have some padding. So the fastest a name can move in some cases is 12 days. We wait 20 to pay because we want a week where the buyer can say - hey I bought this domain and the seller isn't giving it to me. That way if there are any issues or problems, or confusion, we have a lot of end users on the auction and they may need help to understand and process the transfer then we have some time built in.
We are not an escrow company. This means legally we cannot give you the money when the domain is moved to the buyer based on that fact. If we take money in and hold it until the product is moved and then pay out based on that movement we act as an escrow company. There are many legal concerns that come from that and we do not want to do it. We do not want to become an escrow company nor do we always want to pass off sales to a third party escrow company. We have had internal conversations about this for many years and engaged internal and external counsel. Long story short we won't do it and we think you are going to have more sales the way we are doing it currently than any of the other multitude of options we have explored over the past many years. We are doing things to shorten the time frame. When I started in the auctions team I think some transactions took close to 40 days and I am sure that there was a 30 day period for many years. We then went to 20. We are looking at other ways to further shorten this. It used to be 30 on any transaction. It is now 20 on very few transactions, most payments now happen in 6 days or less. So we have made significant progress in staying in compliance, keeping fraud at bay, and paying people faster. If we ok the release of your funds early because the domain moved we are acting as an escrow company - releasing funds based on a commodity that was sold and given to the buyer. We won't do that in almost all cases. I am not a lawyer so I am going off what internal and external counsel have told me.
I hope you understand that most sales do not take 20 days to get you paid and we have made progress over the years in shortening the payout in many cases and are continuing to work on this. Perhaps this is the reason you have never come across this time frame before.
ty. obviously I was referign to gd auctions. not premium listings. which are 5-6 days payout.
for gd auctions, I am told there is not a thing I can do (email you or what not) to accelerate payout and need to wait a full 21 days. from either the time buyer pays, or his payment clears I forget which one. but I hope its at least the former.
that being said, often buyer initiates transfer right after payment clears and I send codes fast too.. and most registrars allow expediating. which essentially means that domain can be in his account 1-2 days after cleared payment.
now I know what you mean about some tranafers taking long etc.. which is why you need that timeframe.. and I do not mind any of that.. but putting all you said and all I said above..
and putting a simple sceneratio before you, whereby all above is done and I am able to verifiy domain in his account.. why can a seller then not email you and request release.. like it was possible for past 2-3 years??? suddenly I get responses you no longer do that and wait for automated release. hence my questions.. whether you are just understuffed so badly.. or hitting release button is such a time taking task? or what other reason?
my question was about thta.. less so about the various scenararios, transfer times etc.. I just wanna know why past 2-3 years I was able to email you once domain was confirmed by me in whois that buyer has it.. and you releasead my payment. and now I have to sit and wait for my money sometimes 1 week sometimes 2+ weeks.
who or why at gd sits down at a round table and stands up to say "let's improve what we've been doing before (not), and no longer allow releasing payments upon request for fully completed transactions like we did for past X years"... I want to know why this happens.. and also that I do not believe this guy should get a promotion because there isn't a single seller out there for whom this has improved his situation. au contraire.
thanks a lot.
